Strategies test

Strategies test - CH 1 Strategy-Plan to create a sustainable competitive advantage A company achieves a sustainable competitive advantage when an

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CH. 1 Strategy-Plan to create a sustainable competitive advantage A company achieves a sustainable competitive advantage when an attractive number of buyers prefer its products or services over the offerings of competitors and when the basis for this preference is durable. Ethics go beyond legality; to meet the standard of being ethical, a strategy must entail actions that can pass moral scrutiny in the sense of not being shady, unconscionable, or injurious to others or unnecessarily harmful to the environment. Business model-explains the rationale for why its business approach and strategy will be a moneymaker. Absent the ability to deliver good profitability, the strategy is not viable and the survival of the business is in doubt. A winning strategy must fit the enterprise’s external and internal situation, build sustainable competitive advantage, and improve company performance. CH 2 A Strategic vision describes the route a company intends to take in developing and strengthening its business. It lays out the company’s strategic course in preparing for the future. Difference between a strategic vision and mission statement is a strategic vision portrays a company’s future business scope and a mission statement describes a company’s present business and purpose. A company’s Values are the beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company’s business and pursuing its strategic vision and strategy. Objectives are an organization’s performance targets—the results and outcomes management wants to achieve. They function as yardsticks for measuring how well the organization is doing. Financial objectives relate to the financial performance targets management has established for the organization to achieve. Strategic objectives relate to target outcomes that indicate a company is strengthening its market standing, competitive vitality, and future business prospects. A company exhibits strategic intent when it relentlessly pursues an ambitious strategic objective, concentrating the full force of its resources and competitive actions on achieving that objective. In most companies, crafting and executing strategy is a
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This note was uploaded on 03/28/2010 for the course BUS 011823 taught by Professor Smith during the Spring '10 term at ITT Tech Flint.

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Strategies test - CH 1 Strategy-Plan to create a sustainable competitive advantage A company achieves a sustainable competitive advantage when an

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